Category: CannabisNewsWire Release

Lift Vancouver 2023 Dedicated to Uplifting the Cannabis Community In Canada

It’s time for cannabis industry leaders and enthusiasts in Canada, and across North America, to gather and refresh their cannabis knowledge and connections at Lift Vancouver 2023 taking place at the Vancouver Convention Centre from January 12-14, 2023. Lift is Canada’s #1 Cannabis Conference and Trade Show, engaged in curating and presenting quality cannabis content to audiences throughout the full cannabis ecosystem while establishing collaborative relationships among them.

Lift is a premier networking arena in Canada and beyond for cannabis traders, enthusiasts, industry professionals, consumers, media, and investors, to get direct access to B2B buyers and retailers. The Lift Cannabis Business Conference, the premiere conference to be held on day-one of the event, will offer a multitude of valuable insights and knowledge on topics ranging from regulations to indigenous cannabis to cannabis blockchain. As a robust forum to learn and establish meaningful ties, cannabis investors can gain visibility with the wider cannabis industry and businesses represented on this dynamic platform.

The Lift trade show/expo takes place throughout days two and three, featuring cannabis industry businesses, brands and innovators who will showcase their novel products and ideas to an engaging and informed audience. The new Brand Discovery Zone and Micro & Small Batch Craft Growers Area are two new additions to the event that will offer innovative experiences to budtenders, retailers and consumers. What’s more, the new Lift Budtender Program celebrates the hard-working unsung heroes of the cannabis industry who are pivotal in connecting consumers and brands every day.

The Lift event is being held at the Vancouver Convention Centre, an iconic venue set against a beautiful waterfront sheltered by snow-capped mountains. This well-connected venue offers convenient access to all major hubs in the city as well as to Lift’s premium partner hotel, The Pan Pacific Hotel Vancouver, a luxury hotel destination with mesmerizing views of the Vancouver skyline.

All cannabis industry members, as well as consumers and patients, are invited to attend. Partnerships and exhibits are also still available, for the opportunity to showcase products, generate new leads, gain media coverage, and connect with industry leaders and decision-makers at the only event connecting the full cannabis industry and community in Western Canada.

To learn more, please visit https://liftexpo.ca/lift-co-expo-vancouver-2023/ and https://liftexpo.ca/tickets-vancouver-2023/.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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USDA’s Inclusion of Hemp Data in the 2022 Census for Agriculture is seen as Another Boost to the Cannabis Sector, and REZYFi, Inc. is Set to Benefit from It

  • The USDA is set to include hemp data in its 2022 Census of Agriculture, another indication of the ongoing growth in support of the overall cannabis industry, benefitting related mortgage origination and financing company REZYFi, Inc.
  • The legal marijuana industry is set to hit 53% in 2026, a 60% growth, with international legal marijuana sales expected to hit $130 billion by 2030
  • REZYFi is confident that this move by the USDA will yield further growth in the cannabis sector, supporting demand for its product offerings as it expands to additional states throughout the U.S.

In 2014, the Farm Bill, regarded as a monumental step towards the legalization of hemp and marijuana, opened the door for the Hemp Research Pilot Program. The program would allow for hemp cultivation for research purposes, kickstarting a budding multi-billion-dollar industry. The 2018 Farm Bill expanded on the provisions offered by the 2014 Farm Bill, further establishing the Domestic Hemp Production Program and even pushing for the amendment of the Agricultural Marketing Act. This program was administered by the United States Department of Agriculture (“USDA”) (https://cnw.fm/HFp7M). 

In what marks another notable move in the right direction, the USDA is set to include hemp data in its 2022 Census of Agriculture. It is noted that with this inclusion, the organization is pushing the conversation around hemp and marijuana forward. It also signals the eventual integration and support of the overall cannabis industry (https://cnw.fm/caI71). With this support, various companies within the sector are set to benefit, REZYFi being one of them.

REZYFi is a growth mortgage origination and specialized financing company based in the United States. It originates, structures, and invests in first mortgage loans and alternative structured financings, targeting licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners seeking a variety of real estate-related and additional mortgage-based financing.

It is estimated that by 2026, the legal marijuana industry will have grown by 60% to hit $53 billion, with total international legal marijuana sales expected to hit $130 billion by 2030 (https://cnw.fm/yOEjs). This growth will have a positive financial upside, down to a state level, as evidenced by Arizona’s $284 million tax revenue collection since it legalized marijuana. Additional upsides will include increased investment opportunities, job growth, and savings (https://cnw.fm/JsxSO).

REZYFi is banking on the federal legalization of this product. Its management is optimistic that this recent move by the USDA to include hemp data is a step in the right direction. More importantly, the company understands that this inclusion gives farmers a voice in the matter and the power to influence policy in a way that would favor the industry’s growth.

“The 2022 Census of Agriculture is a powerful voice for American Agriculture,” noted Tom Vilsack, the Agriculture Secretary.

“The information gathered through the ag census influences policy decisions that will have a tremendous impact on ag producers and their communities for years to come. This is your opportunity to share your voice, uplift the value and showcase the uniqueness of American agriculture,” he added.

Freddie Mac, a home loan mortgage corporation, projected a 10.4% increase in home prices in 2022 and a 5% bump in 2023 (https://cnw.fm/3tgNA). REZYFi notes that the cannabis industry is expected to paint a similar picture, which would be integral to its growth. The increasing support of the cannabis industry is proving more promising while presenting many growth opportunities for companies such as REZYFi. As such, the company is confident that it will continue experiencing growth as the demand for its offerings continues to grow and as it also expands to various states within the country.

For more information, visit the company’s website at www.REZYFi.com.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi are available in the company’s newsroom at https://cnw.fm/REZY

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.cannabisnewswire.com

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M&A Activity Keeps Flora Growth Corp. (NASDAQ: FLGC) Revenues Strong Amid Expected Rebound in Cannabis Industry

  • Cannabis cultivator and international brand developer Flora Growth has continued to build its revenues through accretive acquisitions during the past year and expects to see revenues continue to rise amid further M&A activity
  • Flora expects to lock in its latest acquisition by the end of the month after shareholders meet to discuss the proposed deal with multi-national operator Franchise Global Health (“FGH”), which would grant Flora immediate access to Germany’s cannabis market and FGH the ability to overcome supply chain difficulties
  • Flora has previously reported cooperative agreements that increase its product distribution pipeline in Europe through Switzerland and the Czech Republic

In spite of outside pressures on the cannabis sector, some analysts are predicting a reversal in the trend during the coming months (https://cnw.fm/Yg6my), and the most resourceful companies are continuing to build income channels amid the slowdown.

International cannabis cultivator, Flora Growth (NASDAQ: FLGC) has boosted its YOY revenues more than five fold since Q3 2021 thanks to its strategic acquisitions, and its ambitious growth outlook includes the establishment of a global presence in key markets while creating an ecosystem for its multiple cannabis and wellness brands.

Flora Growth’s newest effort to boost its portfolio comes in the form of an agreement to acquire multi-national operator Franchise Global Health Inc., a company that serves 1,200 pharmacies in Germany through its wholly owned subsidiaries ACA Muller and Phatebo.

Flora Growth believes the acquisition will be transformative, enabling it to connect its Colombian-grown cannabis directly with German-based pharmaceutical and medical cannabis distribution. Franchise Global Health will hold a special shareholder meeting to review the pending acquisition this month, and Flora expects the deal to close by year’s end, according to a company news release (https://cnw.fm/pqu98). [See https://cnw.fm/XUXHY for full Zacks Small-Cap Research report.]

Flora has already been making inroads into Europe thanks to a new openness to creating a framework for legal cannabis exports by Colombia’s administration.

“We are proud to help increase access to safe, legal CBD and THC to consumers all over the globe,” Flora Growth Chairman and CEO Luis Merchan stated in September following the company’s first exports of high-CBD dried cannabis flower to Switzerland and the Czech Republic (https://cnw.fm/0ykaz).

Franchise Global Health has also paired operations with strategic partnerships and investments in St. Vincent and the Grenadines, Portugal and Denmark, indicating further possibilities for expanding Flora’s distribution network.

The company’s efforts caught the eye of market analysts at year’s end, who significantly upgraded their near-term revenue forecasts while also reducing their loss estimates as the company drives toward profitability (https://cnw.fm/miiWj).

FGH CEO Clifford Starke has said he regards the merger with Flora to be the foundation of “a very sustainable business.”

“We have extremely strong revenue performance without executing on really what we’re trying to do, which is become a fully integrated medical cannabis company of high THC products,” Starke said during a webcast interview in October (https://cnw.fm/KxeZa). “We’re extremely well positioned to go past Germany into the rest of Europe. It’s very important to understand that 75 to 80 percent of the sales in Europe are accounted in Germany.”

For more information, visit the company’s website at www.FloraGrowth.com.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.cannabisnewswire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsWire is part of the InvestorBrandNetwork.

420 with CNW — Bipartisan Legislators Call on Biden to Support Cannabis Legalization

While the Biden administration is working toward conducting a review into the federal scheduling for marijuana, a coalition of bipartisan congressional lawmakers is requesting Biden to stand behind marijuana legalization.

“We might not frequently agree on particular measures, but we understand that continued federal marijuana criminalization and prohibition is not the will of the American citizenry. Therefore, the administration should acknowledge the scheduling review directive and also be cognizant of the advantages of full descheduling,” says the letter. Advocates plan to deliver the letter to Biden’s top cabinet officers over the coming days. This letter was obtained by various media desks.

“Marijuana should not be classified as a dangerous substance with high abuse potential and no medicinal purpose. Hence it shouldn’t be placed in the Controlled Substance Act,” the letter also says.

Notable signatures on the letter include Senator Elizabeth Warren; Congress cannabis caucus representatives Earl Blumenauer, Dave Joyce and Brian Mast as well as Barbara Lee. Additional signatures are sought before the letter reaches the president and his cabinet.

“Descheduling marijuana can propel federal authority to regulate cannabis; allowing states which wish to continue prohibiting cannabis sales and production to do so. The federal government needs to nullify the criminalization of otherwise legal marijuana and allow research to advance unrestricted. In doing so, this could open up job opportunities, cease unjust incarceration, promote the safety of the public and uphold state regulations of production, taxation and sale of cannabis.

“We do not trivialize the importance of legislative ACTION and federal guidance, but the federal government should magnify the importance of de-scheduling marijuana in a manner that protects the will of states, markets and regulations within their (state) authority to establish,” the letter continued.

The congressional lawmakers were circulating this letter as leaders worked to enact more legislation on marijuana banking and expungement within the little time left; those efforts fell flat. Advocates are looking to see wider legalization enacted sooner, but it seems there isn’t enough senate support to reach the 60-vote threshold for passage. Descheduling ends punitive marijuana prohibition by the federal government and helps law enforcers to prioritize public safety.

US Health and Human Services secretary Becerra has said the department would expedite a scientific review, and discussions are ongoing with FDA senior officials on the same. President Joseph Biden has signed a marijuana bill into law making this a primary standalone cannabis legislation in the history of the United States.

Industry participants such as India Globalization Capital Inc. (NYSE American: IGC) are probably going to watch events as they develop on Capitol Hill to see which policy direction is likely to emerge from the marijuana scheduling review process.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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420 with CNW — Why the Cannabis Blackmarket Is Still Going Strong Despite Widespread Legalization

Cannabis has been one of the most used drugs in the country for quite a while, drawing most of these supplies from the illegal market until states began loosening their own cannabis policies and launching legal markets. But despite nationwide efforts to legalize marijuana for adults aged 21 and over, data shows that the marijuana black market is still going strong.

States with massive cannabis industries such as California are finding it hard to compete with the illicit market for cannabis. Data shows that black market sales account for more than 80% of California’s entire marijuana market. In fact, legal cannabis retailers in some areas are struggling to keep their doors open amid immense competition from black-market sellers who aren’t licensed and do not abide by state cannabis regulations.

Analysis from the “Los Angeles Times” found that the illicit market in California, home to the largest legal cannabis market in the country, is indisputably many times larger than the regulated sector, revealing that there may be as many as 10 illicit operators for every licensed retailer. The illegal cannabis market is also impacting states such as Oregon, Colorado and New York.

Some believe that the black market has proliferated to such a degree because state cannabis policies give illicit sellers a massive advantage over licensed retailers. For instance, entrepreneurs who want to open cannabis businesses often have to deal with long, tiresome bureaucratic processes and pay significant taxes and fees that force them to increase their prices to achieve profitability.

As a result, legal cannabis can be several times more costly than black-market alternatives, pushing many consumers toward illicit traders while limiting profits in the legal market.

Others say that America will be unable to combat the illicit cannabis trade as long as large regions of the country still outlaw the drug. Keeping cannabis illegal does nothing to address the demand for the drug and simply ensures that black market sellers have a large consumer base that can’t get cannabis elsewhere.

On the other hand, some conservatives argue that cannabis reform itself is to blame for the black market, stating that the push for cannabis legalization has increased public demand for cannabis so much that it has surpassed what legal sellers can supply. They also say that legalization has made it harder for law enforcement to decipher between legal and illicit operators while looser penalties for cannabis offenses have emboldened criminals.

As all this is happening, cannabis industry actors are working as best they can to thrive despite insurmountable odds. Many, for example, making use of alternative funding sources such as REZYFi Inc. in order to bridge the gap caused by the reluctance of most traditional banks to accept marijuana companies as clients.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Closes on Acquisition of Multinational Medical Cannabis Operator

Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has completed a “plan of arrangement,” or acquisition, of Franchise Global Health Inc. (TSX.V: FGH), a multinational operator in the medical cannabis and pharmaceutical industry with principal operations in Germany. Shareholders of Global Health Inc. approved the plan, which was effective as of Dec. 23, 2022. FLGC anticipates that the acquisition will provide a direct connection between Flora Growth’s Colombian-grown cannabis and German-based pharmaceutical and medical cannabis distribution. The company also noted that the acquisition will establish a foothold in Germany for medical cannabis sales that could reach more than 1,200 pharmacies and include the distribution of pharmaceutical products across 28 countries. According to the announcement, the all-stock acquisition includes the indirect acquisition of FGH subsidiaries Phatebo GmbH and ACA Müller ADAG Pharma Vertriebs GmbH. “We view this acquisition as transformational as Flora pursues its strategic growth plan to lead the global market for cannabis and its derivatives,” said Flora Growth chair and CEO Luis Merchan in the press release. “Flora has now secured a crucial footprint in an established international cannabis market, providing a unique opportunity for operational synergies and diversified growth. The acquisition adds to our distribution network, expanding our client base, and increases our ability to distribute wholesale cannabis products at scale into the European Union.”

To view the full press releases, visit https://cnw.fm/TPNER and https://cnw.fm/1JaIa

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that delivers the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

For more information please visit https://www.cannabisnewswire.com

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Uses Patented DehydraTECH(TM) Technology to Increase Bioavailability in Pharmaceuticals

  • Studies have indicated that around 40% of the available drugs on the market offer poor bioavailability
  • Lexaria’s patented DehydraTECH(TM) technology increases bioavailability, improving the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective oral delivery
  • The global pharmaceutical drug delivery market was valued at $1.66 billion in 2021 and is expected to grow at a CAGR of 5.9%, resulting in a value of $2.21 billion by 2026

One of the main concerns associated with marketed drugs is low bioavailability. Bioavailability is the amount of a drug or substance that becomes completely available to the intended biological destination and is a measure of the rate and fraction of the initial dose of the drug that successfully reaches either the site of action or the bodily fluid domain in which the intended target has unimpeded access. Bioavailability is integral to pharmacokinetics, the study of drug movement through the body. Pharmacokinetics is often represented by the acronym ABCD – administration, bioavailability, clearance, and distribution (https://cnw.fm/29C2S).

Various studies have indicated that around 40% of available drugs are poorly bioavailable (soluble) (https://cnw.fm/mLG2Z). Many factors can affect the bioavailability of drugs and substances, including:

  • The size of the drug’s molecule – smaller molecules are more easily absorbed into the body than larger ones
  • The type of drug administered – some drugs are absorbed more easily through the stomach than others
  • How much food is eaten – food can slow down the absorption process
  • The time of day – the absorption of drugs can be affected by factors like the time of day or the mood of the recipient

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has developed a patented technology, DehydraTECH(TM), which improves the bioavailability of active pharmaceutical ingredients (“APIs”), promotes healthier oral ingestion methods and increases the effectiveness of fat-soluble active molecules. DehydraTECH technology is suitable for use with various product formats, including pharmaceuticals, nutraceuticals, consumer packaged goods, and over-the-counter capsules, pills, tablets, and oral suspensions. Currently, DehydraTECH-CBD is being studied for the potential treatment of hypertension and heart disease, epilepsy, dementia and diabetes.

Lexaria’s DehydraTECH solves common problems experienced in the pharmaceutical industry. DehydraTECH technology can increase bioabsorption by up to 10x, reduce the onset time from up to 1-2 hours to just minutes, mask the unwanted taste, delivers drugs into the bloodstream more effectively, and provides a higher ratio of drug delivery expected to lower overall drug costs.

The global pharmaceutical drug delivery market size is projected to reach $2.21 billion by 2026, growing at a CAGR of 5.9%. The market was valued at $1.66 billion in 2021. This growth is highly attributed to factors including the rising prevalence of chronic diseases, the growing biologics market, increased R&D investments, and technological advancements – including new product launches (https://cnw.fm/PjBnG).

Understanding the bioavailability of a drug is crucial for clinicians looking for the most appropriate route of administration and schedule for delivering the drug. Lexaria is currently studying its DehydraTECH and DehydraTECH-CBD for indications including epilepsy, high blood pressure, dementia, diabetes and more.

The company’s most recent study, EPIL-A21-1, demonstrated performance enhancements compared to one of the world’s leading anti-seizure medications, Epidiolex(R). The study’s results have demonstrated the performance of DehydraTECH-CBD to reduce or eliminate seizure activity in animals and, in some cases, even surpass the performance of Epidiolex. These findings further support Lexaria’s efforts and clinical trials, which are currently being explored for hypertension, dementia, diabetes and other indications where DehydraTECH technology may offer solutions in indications where there is an underserved medical need.

For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.cannabisnewswire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsWire is part of the InvestorBrandNetwork.

420 with CNW — Report Shows Quarterly New Jersey Recreational Cannabis Sales Surpassed $100 Million for First Time

Last week, the state of New Jersey released ITS latest sales figures, which show that adult-use cannabis sales surpassed $100 million for the first time during the third quarter of this fiscal year. New Jersey’s adult-use market was officially launched in April of this year. During the first 10 weeks of sales, the state raked in almost $5 million in cannabis tax revenue.

The state’s Cannabis Regulatory Commission reported that adult-use marijuana sales between July and September totaled $116,572,533. This represents a 46% increase from the $79,698,831 recorded in the second quarter. Medical cannabis sales also grew slightly, moving to $61,138,231 from the $59,262,014 recorded in the previous quarter. In total, recreational and medical marijuana purchases in New Jersey added up to $177, 710, 764.

In a press release, the executive director of the New Jersey Cannabis Regulatory Commission, Jeff Brown, stated that this was only the beginning of what was possible for marijuana. He explained that the commission had awarded 36 licenses for recreational marijuana businesses to entrepreneurs in the state, including 15 annual licenses for dispensaries.mBrown noted that greater competition and more locations would significantly grow the market while also growing marijuana’s consumer base and reducing product prices.

Dianna Houenou, the chairwoman of the state’s Cannabis Regulatory Commission, stated that the commission looked forward to seeing local, small entrepreneurs taking part in this profitable market. Houenou added that new initiatives and the priority application process that will be launched in 2023 by the New Jersey Business Action Center would make it easier for more individuals to be included in the market.

Officials also expect the state’s industry to expand as more licenses for public marijuana consumption areas are approved. These areas offer a social- use option to patients and adults. Regulators in New Jersey approved regulations for this type of license a few weeks ago.

Recently, an assembly committee in New Jersey passed a measure that would offer state-level protections for insurers and banks that worked with licensed cannabis businesses. This comes after the full assembly passed a resolution a few months ago that would permit licensed cannabis businesses to deduct specific expenses on their state tax returns. This is said to be a partial remedy as the industry is still hindered from making federal deductions under Section 280E of the Internal Revenue Code.

In other news, Governor Phil Murphy of New Jersey revealed that the state planned to revisit the criminalization of homegrown cannabis for personal use in the future, after the commercial market had matured. The possibility of revising the marijuana law in New Jersey to allow home cultivation of the plant, if implemented, could expose NJ residents to modern indoor cultivation equipment for enterprises such as Advanced Container Technologies Inc. (OTC: ACTX).

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Cannabis Banking Drives Wedge Between Senate Republicans

The results of the November midterms created a sense of urgency among supporters of cannabis banking legislation. This is because the chances of this bill passing in the next Congress dimmed when Republicans wrested control of the House of Representatives from Democrats and denied the Democrats a solid majority in the Senate.

Renewed efforts were therefore invested to see to it that some form of cannabis banking reform is approved during the lame duck session prior to the commencement of the new Congress. That renewed vigor seems to be failing to bear fruit, however, and the GOP is being divided between those in favor of banking reform and those opposed to any form of cannabis policy reform.

A case in point involves newly elected NRSC (the Republican caucus in the Senate) chair Steve Daines, a Republican from Montana, and Mitch McConnell, the minority leader of the Senate. Daines has campaigned vigorously to see cannabis banking language included in the omnibus package or in the National Defense Authorization Act, if the SAFE Banking bill fails to pass on its own.

McConnell effectively killed both options, and Daines isn’t happy about it. Daines’ home state, Montana, legalized recreational marijuana, and the GOP senator has been pushing for cannabis banking as a way to safeguard the public from the risks associated with all-cash marijuana industry operations back home. McConnell isn’t impressed.

The two leaders are vital in the GOP senate machine, and disagreements on these policy issues intertwined with politics could split the party down the middle. This is especially possible given the fact that other GOP senators, including Dan Sullivan from Alaska and Rand Paul from Kentucky, are passionate supporters of SAFE Banking.

Proponents of passing legislation enabling cannabis banking see GOP lawmakers opposed to these reforms as playing politics on a matter of public safety, especially since numerous opinion polls across the country have shown overwhelming bipartisan support at the grass roots in favor of marijuana policy reform. GOP lawmakers from states with legal marijuana markets are particularly unhappy that party leadership remains adamant about the realities on the ground, such as the risks to life faced by staff at cannabis businesses on a daily basis as burglars and armed robbers target these establishments.

Thom Tillis, a GOP senator from North Carolina, is opposed to the cannabis reform measures before the senate. He downplays any notions that the policy differences between Daines and McConnell could divide the GOP, saying that the two men share a great relationship regardless of their positions on cannabis banking.

It remains to be seen how the party resolves these internal differences without fracturing further, especially given that another election cycle is around the corner in 2024. You can bet that cannabis industry players such as Flora Growth Corp. (NASDAQ: FLGC) will be following events in Congress closely.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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REZYFi, Inc. Continues to Diversify Lending and Mortgage Industry, as Mortgage Rates Show Decline for Fifth Week in a Row

  • REZYFi is targeting licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners who seek a variety of real estate-related first and additional mortgage-based financing and project-specific financing
  • The sale of legal recreational marijuana in California in 2016 reached $2.69 billion and is expected to grow to $6.59 billion by 2025. Since passing laws for recreational marijuana, California saw a 50% increase in the legal marijuana market from 2017 to 2018
  • REZYFi is licensed in 36 states and plans to expand to all states in the future

Throughout most of 2022, mortgage rates were rising due to the Federal Reserve’s increased interest rates to counter soaring inflation. However, mortgage rates have started dropping in recent weeks, reporting a downward trend for the fifth consecutive week. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.31% in the week ending December 15, down from 6.33% during the week prior. According to the Mortgage Bankers Association, there has been an uptick in mortgage applications, with more people looking to take advantage of the trend in lower rates (https://cnw.fm/Qigs1). 

REZYFi is a real estate-oriented mortgage company servicing the needs of both traditional and non-traditional consumers and businesses. The company’s target markets include licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners who seek a variety of real estate-related first and additional mortgage-based financing and project-specific financing, like solar installations or real estate development projects.

REZYFi has positioned itself as one of the first cannabis mortgage bankers in the United States – an area that traditional bankers are still reticent to serve. Through its two wholly owned subsidiaries – REZYFi Lending and ResMac Inc. – REZYFi is addressing an emerging real estate market with its financing opportunities, traditional mortgage, origination, correspondent, and servicing operations.

The company leverages a wide network to offer options such as 15- and 30-year fixed-rate loans, FHA loans, VA loans, reverse mortgages, jumbo loans, and adjustable-rate mortgages. REZYFi expects increased funding for marketing and loan agents, which will drive significant origination growth over the next two years, supported by the planned launch of a high-margin cannabis division later this year.

ResMac has been in operation for 13 years and has closed more than 20,000 loans for more than 15,000 clients. The company expects to accumulate $285 million in retail origination in 2023, alongside $250 million in wholesale origination for the same period. ResMac is further targeting $600 million in origination through its mortgage correspondent operations for 2023.

In 2016, the sale of legal recreational marijuana in California – the world’s largest cannabis market – was valued at $2.69 billion and is expected to grow to $6.59 billion by 2025. Since passing laws for recreational marijuana in 2016, California saw a 50% increase in the legal marijuana market from 2017 to 2018 (https://cnw.fm/eOEGe).

Using its corporate strengths – experience, a network of independent brokers, and proprietary technology – REZYFi offers a diversified approach to the real estate lending sector, which positions it to capitalize on growth in multiple verticals in the years to come. Licensed in 36 states, the company plans to expand to all states in the future.

For more information, visit the company’s website at www.REZYFi.com.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi are available in the company’s newsroom at https://cnw.fm/REZY

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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